Category: mortgage calculator

We realize show difficult and tasking it is to find a lender that will provide the best loan for your business or personal use.

Here are a few tips to help guide you to the best decision for your loan.

Common mistakes when applying for a loan:

Big effect for lenders are high usage of credit cards because business use them Vs. a loan. If possible reduce them before applying.

Checking your FICO and SBSS score, banks and lenders look at FICO & generally want 600+, SBSS score which is the business credit score that SBA and banks will use. Low is 140, banks will not accept anything under 160, generally they line in the 190++ range.

Is getting a loan and understanding what you really qualify for. Banks only approve about 10% of loans, general industry with alternative is around 40-60% approvals and have limited industries they serve.

Finding a lender that matched your requirements and conditions, i.e.., startup, working capital etc. and being prepared with all the requirements and paperwork such as tax documents, personal financial statements, bank statements, etc.

Cash flow on paybacks to the loans, lenders will match up your cash flow, bank deposits, credit card statements, too see what amount you can actually afford.

Each time you apply for a loan and they turn you down then you have to start all over again. This really affects your credit score every time you apply. Lenders look at how many inquiries. when they see several they know you are shopping and have n=been turned down.

What Lendingcapitalprovides: Our bQual report delivers your Small Business Credit Score (SBSS & FICO), your consumer credit score and full credit report, as well as a detailed fundability report assessing your financing prospects. And you may even be prequalified for a loan in real time.

About Us Clients nationwide turn to LendingCapital national funding platform with over 5000 lenders each year to identify the right funding options for their business projects and assistance in meeting their financing needs.

LendingCapital’s bQual application provides business owners the tools and knowledge to understand their creditworthiness before applying for and committing to a loan.

Use our bQual application and save time, energy, frustration, and Know the Score before you apply for a loan.

Unlike the government we actually need to balance our checkbooks. A budget allows you to identify spending habits, and allows your business (or personal) to make necessary adjustments and changes.

Don’t just be in business to stay in business-be in business to grow your business

There are many areas to delve into for a complete business plan, for practical purposes we will stick to budgeting and a few essentials.

Check list: All of this and more inside my 16-award winning book:

“the sexy little book of finance III” 2 books in one-Personal & Business

Your budget should be on a spreadsheet in excel or another format so you can update.

Personal budget and Business information should be part of your routine.

Make copies of all serial numbers of vehicles, laptops, cell phones, or any other important information of equipment.

Copies of any operators or employees who have access to any equipment, vehicles, should have their drivers license and insurance so you have the information and can check any expiration dates.

Credit card numbers, expiration dates, and all employees who assigned a card

Record of all policies or contracts

Starting inventory and ending inventories (daily, weekly, monthly, and annually) or as deemed appropriate for your business model

Bank loans, all financial information stored & backed up daily on a private server or encrypted cloud program

ADD your own categories.

You should have a full marketing plan (in writing), websites with SEO search, game plan how are you going to market your product or services – internet-seminars-mailers-email campaigns-workshops-etc. If you are looking for money from a bank or lending institution all this will be necessary. Everybody thinks they can apply and get approved in 15 seconds with 3 little questions and nothing else to provide…SORRY, little things like bank statements, tax returns, personal financial statements (free on our website) just to mention a few things. You can see what else may be required on our website.

As business you are a primary target, the average cost of a breach is around $100,000 per location! You need to add a level of protection that safeguards your employees, your business, and your clients. There are no hard costs to you the employer as it is a voluntary benefit-and IRS has approved as a non-taxable voluntary benefit.

Our program offers a 15% discount (already built in the pricing on our website)

I know some of this seems redundant from previous blogs I have done, but, it seems I need to repeat some of the highpoints (or low points depending on how you look at it). Here is short summary of what you need to get together.

Cash flow is one of the primary things lenders look for-generally most lenders give around 20% of annual sales

List number of clients (lenders like lots of clients-low number of clients means high risk to a lender

Get your SBSS score (small business scoring service). You can get this at Nav.com

If you are looking for an SBA loan: the requirements are a minimum score of 140, most lenders will NOT provide a loan if SBSS score is under 160. The range is 0-300

SBA loans are difficult to get and can be expensive and take up to 3 months or more to fund. So, if you are in a hurry look elsewhere that is why we offer short and long-term loans.

Personal FICO score-0-840 most lenders want 650

D-UN-N-S number (Dun and Bradstreet-100 as the highest a score of 80 is good-free

Most secondary lenders (non-bank) have very short terms and require daily or weekly ACH payments form your bank

DO NOT apply at several banks or lenders at once or keep applying-every time you do this it pulls down your credit score-you will not get a loan.

Most lenders require a minimum of 3 – 6 months in business and do not do startups.

Have a website, subscribe to places like Yoast (SEO), Rankcrew.com for backlinks, make sure it is HTTPS (secure) you can have the greatest website but who cares if nobody can find it.

Have engaging content-you only have around 2 seconds or so for someone to keep looking or come back to your site (like this-a blog)

The old bait & switch,” get approved in seconds and get funded in hours”- in lending instant gratification can cost you a lot of money. High interest, short terms, and not as much as they promised or even turned down after they actually pull your credit.

We hope this helps you, our goal is always to help businesses and individuals who want to start a business.

We have realistic lending programs from established to start ups-Lendingcapital is a national direct lending platform.

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